Brent Softens To $85.45/bbl
March 21, 2024
The May Brent futures contract weakened further to the $85.20/bbl handles at 15:00 GMT where it found support and printed $85.45/bbl at 17:20 GMT (time of writing).
Reports
SPR-U-Kidding Me?
March 21, 2024
Oil finally soared over $150/bbl as the US raced to fill up the SPR to 2022 levels… and then I woke up. It was a crazy couple of hours as traders asked themselves “What the hell does Jennifer Granholm mean?” and the answer was clear – she doesn’t know what she means.
Brent Pressured Into $85/bbl Handles
March 21, 2024
The May Brent futures contract has experienced a correction downwards this morning, opening around $86.50/bbl in the early hours of today before seeing selling pressure push the contract down to $85.75/bbl at the time of writing (10:00 GMT).
CFTC Predictor: Show me the money!!
March 21, 2024
ONYX CFTC PREDICTOR – In addition to our regular Monday CFTC COT analysis report, Onyx Insight will publish its own in-house CFTC COT forecast ahead of the official Friday report.
Brent Declines To $85.80/bbl Despite Higher Than Expected Crude Draw
March 20, 2024
The May Brent futures contract continued spiraling downwards this afternoon with prices tumbling from $86.70/bbl around noon to $85.80/bbl at 17:15 GMT (time of writing).
Brent Dips from Multi-Month Highs
March 20, 2024
The May Brent futures contract opened around low $87/bbl levels this morning, and has corrected slightly lower since, settling around $86.72/bbl at the time of writing (10:10 GMT).
Dated Brent: You Can’t Handle The Bull
March 19, 2024
In January, we saw a very bullish market, with genuine supply tightness, and what we ended up with was a market that jumped the gun, and got too short too soon ahead of maintenance.
Brent At Highest Since October 2023
March 19, 2024
This afternoon witnessed another win for the crude bulls amid the May Brent futures contract rallying to $87.60/bbl at 17:25 GMT (time of writing). The contract hit its highest value since October 2023.
Gasoline Report: Summertime Driving Strength
March 19, 2024
It’s been a bullish fortnight in the gasoline complex: The Apr EBOB crack rallied despite persistent selling from trade houses, refiners and funds…
Brent In High $86/bbl Handles
March 19, 2024
The May Brent futures contract has seen a quiet start in the early hours of the morning at around $86.70/bbl levels before seeing volatility enter the market from around 07:00 GMT, with prices oscillating between $86.92/bbl and $86.49/bbl at 09:00 GMT, and sitting at $86.58/bbl at the time of writing (10:45 GMT).
Onyx Alpha: Tuesdays are for Trade Ideas
March 19, 2024
Onyx Alpha will publish speculative and hedging trades every week based on technical analysis and data-driven tradecraft methods.
Brent Comfortable In Mid-$86/bbl Handles
March 18, 2024
Prompt Brent futures flat price has witnessed a strong, yet volatile, afternoon period with prices supported from lows of $85.47/bbl at 12:50 GMT to print at $86.59/bbl at 16:50 GMT.
The Calm Before The Crude Storm
March 18, 2024
For the week to Mar 12, the crude futures witnessed an atmosphere of bearishness from money managers. Total long positions in Brent and WTI declined by 12.5mbbls (-2.40%) whilst total short positions climbed by 3.5mbbls (+3.04%).
This Week’s Target Price: $87-88/bbl
March 18, 2024
After surging to four-month highs towards the end of last week, May Brent futures started the week in a similar vein, strengthening to briefly surpass the $86/bbl mark and record a near 5% increase week-on-week.
Brent Breaches Into $86/bbl Territory
March 18, 2024
The May Brent futures contract clocked in a volatile morning today with prices surging up to $86.20/bbl at 08:50 GMT, dropping to $85.80/bbl handles around 09:10 GMT but ultimately correcting upwards, hovering just below $86/bbl at 10:20 GMT.